Visa announced plans to reduce its global workforce by approximately 7%, affecting roughly 2,600 employees across the company. The layoffs will primarily impact employees in technology and product operations divisions. Affected staff will begin receiving notifications regarding their status and available transition support starting Tuesday, according to details confirmed by multiple sources.
CEO Ryan McInerney cited the need to evolve operational practices and capitalize on emerging opportunities in the payments industry. In a memo to staff, McInerney noted that artificial intelligence is playing a role in reshaping how work is conducted at the organization. However, according to sources familiar with the decision, AI was not identified as the singular factor driving the reduction, though it contributed to the overall efficiency initiative.
The restructuring reflects broader patterns across the financial and technology sectors, where companies have increasingly deployed AI technologies to automate functions such as software development and technical operations. This cost management approach follows several years of substantial hiring growth throughout the industry. At the conclusion of its most recent fiscal year, Visa maintained a workforce of approximately 34,100 employees.
The company intends to redirect resources toward strategic growth initiatives, including expanded services targeting affluent customer segments, cross-border transaction capabilities, business-to-business payment solutions, stablecoin development, and market penetration in new geographic regions. McInerney’s memo emphasized that recent business performance and client engagement metrics demonstrate positive momentum as the organization enters what he characterized as a new era in commerce.
Visa is scheduled to release its quarterly financial results after market hours the same day the workforce reduction notifications begin.
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